Industry fund calls for tougher SMSF rulesBY KARREN VERGARA | WEDNESDAY, 13 JUN 2018 12:39PMA $1.6 billion industry superannuation fund is calling for new regulations to make it tougher for people with low account balances to set up a self-managed superannuation fund. Related News |
Editor's Choice
The top investment funds over the past year
The top-performing investment funds for the year ending March 31 have been announced, with all being ETFs focused on international equities.
AFCA finds more Dixon Advisory victims
The Australian Financial Complaints Authority added 544 more Dixon Advisory-specific victims to total 2492 complaints at the end of April, which will further exacerbate the levy financial advisers must pay.
Senior Cbus investment manager exits
Cbus' head of total portfolio management has left the fund, while a former JANA executive has joined its infrastructure team.
Quality of retirement does not depend on super balance: Bragg
The Senate Economics Committee has released its interim report into using super for housing.
Products
Featured Profile
Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
I agree small SMSF don't make economic sense but advisers are subject to a best interests duty so this issue doesn't need a specific SMSF rule. ASIC should look at who is setting up these funds - they may not be advised or may be set up by accountants, for example - and then address any compliance failures accordingly. We all know industry funds hate SMSF so perhaps Mr. Smith is taking a misdirected free kick and suggesting an inappropriate remedy to a problem.
Yes, why isn't ASIC asking who set up these small funds and was the advice given by an AFSL holder or AR and was it in the client's best interest? They have the info on a plate here.
Likewise ATO should analyse how many multiple and lost accounts REI Super have and give them a kicking for that!